Munich, September 14th 2018 - On 13 September 2018, the board of Rickmers Holding AG has applied for the termination of the self-administration at the local court of Hamburg. The main objective of the self-administration was to stabilize and continue the operations of the company and to ensure its best possible sale. This has been successfully accomplished:

The core business “ship management” was sold in October 2017. The sales price by far exceeded the expectation of the main creditors.

In coordination with the financing banks, all vessels (container and bulker) could be monetised avoiding follow-up insolvencies and vessels being arrested.

For the entire group of formerly over 100 companies, value-eroding follow-up insolvencies could be prevented completely.

Contracts concerning winding up the core shareholding “Polaris”, with involvement of the financing banks and a Chinese shipyard, have been negotiated ready for signing, thus a follow-up insolvency could be prevented, and the value could be secured for the creditors of Rickmers Holding AG.

Since the material asset of the company, the “ship management”, was sold in October 2017, the board of the self-administration, in consultation with the creditors’ committee and the custodian, has applied for the termination of the self-administration at the local court of Hamburg and suggested to appoint the current custodian Dr. Jens Soeren-Schroeder as insolvency administrator.

The joint representative thanks the board of Rickmers Holding AG, Frank Buente and Rechtsanwalt/Steuerberater Dr. Christoph Morgen for their successful work and the excellent outcome to date. Frank Guenther, Managing Director of One Square Advisory Services GmbH: “Frank Buente and Christoph Morgen have not only ensured the extraordinarily successful sale of the ship management, but have also managed to constructively lead the insolvency proceedings, which were affected by strong differences between the main creditors, through their integrative, constructive and professional way of working. In the name of the bondholders we would like to thank the board and wish the insolvency administrator Dr. Jens-Soeren Schroeder continued success for the remainder of the proceedings.”

The joint representative will continue to inform registered bondholders about the proceedings and is available for further questions at any time, especially under rickmers@onesquareadvisors.com. Bondholders are asked to register for the mailing list under this address.